Monero Price Analysis: Bull Rally Charging Strongly Towards The Higher Level Of The XMR Coin

Fibo Quantum

  • XMR coin price has reconquered the 200-day EMA
  • The XMR/BTC pair was trading at 0.006008 BTC with a gain of 5.71 %
  • The 24hr trading volume in XMR coin is $196.9 Million

On 21 July, the XMR coin took its third support from the $185 level and had shown a fantastic rally of consecutive eight green candles in the daily time frame chart. Till now, the coin has provided 35% gain from the bottom support and still shows more potential, as the price has recently broken another $232 resistance level. The current price of the XRM coin is $244.84, with an intraday gain of 4.02%, and if the price manages to sustain above the $232 level, the XRM traders can look for some good long entry in this coin.

As per the EMA’s, the XMR coin shows a bullish phase as the price is trading above the crucial EMA’s 20, 50, and 200. However, the 100 EMA is still moving above the price and should provide good resistance to the coin.

The RSI (BULLISH) value is at 66, indicating a strong bullish momentum in the coin. Thus investors can see a huge spike in the RSI projecting the strength of this bull run.

XMR Coin Rising With The Support Of An Ascending Trendline

THE XMR coin chart shows a highly reliable trendline supporting the price to knock out the overhead resistance levels. Thus, XMR traders can use this trendline to find excellent entry opportunities in this coin. In addition, the traders can also plot the traditional pivot level in their chart as they show remarkable confluence, with the SR level providing an extra edge in their trading.  

The MACD indicator (BULLISH) shows that both the MACD and signal lines are moving higher to the neutral zone(0.00), indicating bullish momentum in the coin. In addition, the indicator has also provided a bullish crossover, projecting a buy signal for XMR traders.

Conclusion: From the technical perspective, the price action and indicators show a strong bullish outlook for the XMR coin, providing an excellent opportunity for traders interested in this coin. Therefore, as mentioned above, the XMR traders can ride this brand new rally until the ascending trendline is intact.

Support– $232

Resistance– $260

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